Latest news with #R165m
TimesLIVE
14-05-2025
- Automotive
- TimesLIVE
Rare classic Ferrari racing car expected to sell for up to R165m
One of the most beautiful Ferraris ever created is going on auction later this month. The 1957 Ferrari 500 TRC racing car, one of only 16 remaining examples, is expected to fetch between $7m and $9m (R128m — R165m) at a Sotheby's sealed auction on May 27 in California. The Scaglietti-designed car was created during one of the most aesthetically beautiful eras for racing cars, where coachbuilders were guided by form rather than function, and visual impact took precedence over downforce and aerodynamics. Ferrari creations by Scaglietti and Pininfarina are mechanical works of art that have stood the test of time and the 500 TRC is a prime example. It was the genesis to the legendary 12-cylinder 250 Testa Rossa, a race car that has achieved $51.7m (R942.78m) on auction. The 500 TRC was introduced in 1957 as Ferrari's four-cylinder racing car in endurance events and enjoyed a stellar maiden season, taking class wins in the 12 Hours of Sebring, Mille Miglia, Nürburgring 1,000km and the 24 Hours of Le Mans. A total of 17 examples were built and the 500 TRC marked the end of an era as it was the last four-cylinder Ferrari racing car constructed. The 2.0 l Lampredi engine, while not as large in capacity as some of its V12 cousins, packed a punch and carried Alberto Ascari to win Ferrari's first Formula One driver's title in 1952. After repeating the feat in 1953, the four-cylinder engine was used in sports car racing between 1953 and 1957. Bearing the chassis number 0658 MDTR, this example was the first 500 TRC built. With its provenance and race history it is one of the most historically significant four-cylinder Ferraris to be offered for sale in recent times. It was raced in 20 events between 1957 and 1963, achieving 10 class victories and 13 podium finishes. It was also driven in 21 editions of the Mille Miglia Storica between 1993 and 2014. The car is Ferrari Classiche Red Book certified and retains its original chassis, body, engine and rear axle.
The Citizen
24-04-2025
- Business
- The Citizen
Capitec captures high-earners: 27% growth in clients earning R50 000+ monthly
The growth in higher-income clients is a 'highlight' in the lender's results, an analyst says. JSE-listed Capitec is shaking off its image as a lender for lower-income depositors with a 26.5% jump in clients earning R50 000 per month and higher in the past financial year. Group CEO Gerrie Fourie announced the results for the year ended 28 February 2025 on Wednesday at Capitec's head office in Stellenbosch – his last results presentation before his retirement in July this year. Founded in 2001, the lender initially focused on providing affordable and accessible banking services for low-income South Africans. Capitec has since diversified its product offering to insurance, business banking, and value-added services such as cellphone airtime and vouchers for streaming services. The bank has expanded its client base to over 24 million, with Fourie anticipating it will reach 25 million in the current financial year. Capitec's new sales to clients who earn more than R50 000 per month totalled R10.2 million in the past financial year. 'The trick is to take those clients and, when they're 50 and 60 years old, make sure they're still banking with us,' Fourie noted. Craig Metherell, equity analyst at Denker Capital, told Moneyweb that Capitec's growth among high-income earners is one of the 'most striking things' in the results. 'I thought that was a real highlight. The wallet that a high-income earner brings to the bank – and the type of products Capitec could cross-sell to them – speak to the kind of ecosystem Capitec wants to create. I expect some of these clients will also open bank accounts for their children who may not yet transact, but they have the potential to grow older with Capitec. 'There's a very exciting 20 to 30 years coming up for them, because you can lock in these young clients from when they are teenagers and build a relationship with them.' ALSO READ: Standard Bank and Capitec shake up leadership; Absa spends R165m on 11 people Expanded home loan offering Fourie also announced on Wednesday that Capitec will launch a secured home loan product in the middle of the year through a special purpose vehicle (SPV) with SA Home Loans, funded with R5 billion. In an interview with Moneyweb following the results announcement, he explained that Capitec and SA Home Loans will combine their respective credit models to scale the mortgage offering. Although Capitec launched its partnership with SA Home Loans in November 2020, the mortgages have been solely on the SA Home Loans balance sheet. Fourie said SA Home Loans lacks sufficient funding to expand the credit book, but with Capitec's financial support, this growth will be possible. ALSO READ: Capitec hit by R56m Sarb financial penalty Insurance market share Capitec's strategic initiatives for the financial year ahead include taking its insurance offering and business banking 'to the next level', Fourie mentioned at the presentation. Capitec Life's active credit life insurance book totalled 1.1 million policies at the end of the financial year. From November 2024, Capitec issued more than 600 000 funeral insurance policies on its own licence, and at the end of February 2025, there were 96 307 active life cover policies. (Capitec exited its funeral insurance arrangement with Sanlam from 1 November 2024, and Capitec Life took over the administration of the policies issued through the cell captive.) The group launched its first life insurance product in June last year, but the lender intends to expand its market share in life cover. Said Fourie: 'We have 30% market share in funeral insurance, but there are still many opportunities in the life space. Our product offering is still small compared to what insurers like Sanlam, Old Mutual, and Liberty have.' ALSO READ: Black Friday spending: 23 million clients at one bank spent R25.45 billion Share price Capitec's share price surged over 8% on Wednesday afternoon, following the announcement of the group's record earnings, which, according to Fourie, are 'the best he's ever seen'. 'It is particularly pleasing that the growth is across all business segments, and not only in one area,' Fourie said. Denker's Metherell said Capitec's stock performance on the day is a combination of good sentiment in the banking sector and the fact that the lender's results point to strong growth ahead. He pointed out that the recent sell-off in Capitec shares, along with the 'rest of SA Inc', after the Trump administration's tariff announcement, means the stock could have performed even better. *A previous version of this article stated that Capitec now has over 10 million high-earners as clients. This is incorrect and has been amended. This article was republished from Moneyweb. Read the original here.
